I love their logic. As this will make them lose ALL their customers, I don't see how this props anything up.
This made me laugh. Really? You take on a risk and you need to deal with the consequences? No fucking way!
+1 And ideally if you are taking on a risk you should receive an interest rate above inflation rather than significantly below
It seems to me to be a brilliant way of reforming the banking sector. I'm surprised not many people can see past the 'theft' part to realise what this is telling the world about banks. It's saying: 1) we won't bailout banks anymore 2) we will deal with banks being too risky 3) we will stop this gambling with other peoples money 4) we will limit these systemically dangerous debt expansions How? Not through a top-down approach, no the bankers don't like it and they fight it. Instead they use a bottom-up approach, where everyday people are forced to come to grips with finance and banking risk. So in future, people wil only bank with the 'safest' of banks, ones with a high reserve ratio, and ones that can prove they are not risky. Other banks will have to provide higher deposit rates to counter the risk of depositing with them. Tax payers wil no longer be on the hook for bank bailouts! It's a painful transition, but hugely worthwhile IMO. Does anyone else see it this way? Does anyone really think the american model is better for the future?
It's funny. I mentioned Cyprus to some people I know and they're all like "what?" because they haven't heard about it. Moment you mention banks stealing peoples savings they are all like "what the fuck!@?#"
Except that the real culprits (aka the banksters) who took those savers deposits and then went on to make massive bets on risky investments never had to deal with the losses and instead got massive bonuses and leaving exactly those who played no part in the risk taking ie the savers and/or tax-payers with the burden of dealing with the bets gone wrong.
^ but they will in the future. The 'now' is full of heartache and chaos, but the future is good under this scheme. Imagine if everyone had cash, the banks were empty. Then they brought in this rule/law. It'd make people think about whether letting a bank hold their money was a wise choice or not. I also see this as a great way to solve the banking/investment debacle that glass-steagall addressed, because it does a similar thing, but in simpler terms by pushing the risk back onto the depositors. The whole idea is unfair and unpalatable in the current context, but it's a good future system. How else are we supposed to get there without some pain?
Exactly, and it supports PMs too (assuming they dont change laws for them). PMs for saving. Deposits in banks to grow savings, at a risk.
Well, that's easy! Legalised, random wallet searches of course <some people, no imagination, I dunno )
http://forums.silverstackers.com/message-492128.html#p492128 It's a good thing but will it go far enough? Can it instigate a repeal of legal tender and CGT laws? If not I think we'll see widespread financial repression, asset confiscation and capital controls for quite a while. It's the type of kick in the nuts that can stimulate positive or negative action and the debate needs to framed towards using it to repeal Government intervention rather than to increase it.
^ except it is not a 'Government' that is driving this? Local issues will always vary from region to region, but banking reform across the europe is something else.
Yes. But they can significantly influence how it plays out for the benefit of the average person. Unless the European Govts decide to do an Iceland and act to get their books into order they'll continue to be beholden to the banks as they kick the can for short term political gain.
End game plan - no paper money, electronic credits will be the way it will go, with access by personal electronic interface ie mark of the beast!
The problem of course with this method is the corruption factor - Clearly the politicians will make sure that their cronies and those who they owe favours will be given a warning before the lock down. If they go down this path them Interpol needs to look at any larger withdrawals before the bank is locked down and depositors funds are stolen.
creditors are the enemy of the fiat system, this is the giant serpent kicking and fire breathing as its dying